Pakistan’s Food Exports Increase by 18% to $1.28 Billion in Q1 2023-24
Published on: October 20, 2023.
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Pakistan’s food exports have experienced an exceptional 18 percent growth in the first quarter of the ongoing fiscal year 2023-24, totaling an impressive $1.28 billion, according to data released by the Pakistan Bureau of Statistics (PBS).
The sharp depreciation of the Pakistani rupee has played a crucial role in boosting food product exports. This, coupled with persistent disruptions in the global supply chain and higher international market prices, has led to a significant spike in demand for Pakistani food products.
Among these exports, basmati rice stands out with a remarkable growth of 20.48 percent, amounting to $406.38 million in the July-September period. This surge can be attributed to India’s prohibition on rice exports and an increase in rice production within Pakistan.
As a result, the domestic market has witnessed a substantial rise in the average price of basmati rice. In terms of quantity, basmati rice exports also increased by 3.68 percent during this period.
The export of fish and fish products experienced a growth of 3.75 percent, reaching $83.06 million. This increase can be attributed to the diversification of fishery products, such as cuttlefish, and the easing of Qatar’s prohibition on Pakistani seafood imports.
Similarly, meat exports surged by an impressive 20.05 percent, amounting to $112.98 million. This increase is driven by the exploration of new markets in countries like Jordan, Egypt, and Uzbekistan.
Additionally, several enterprises are registering to export meat to Gulf nations, including the United Arab Emirates and Saudi Arabia.
Fruit exports also showed a robust increase of 12.43 percent in the first three months, reaching $88.66 million. In contrast, vegetable exports saw a dip of 30.35 percent, totaling $51.41 million.
The export of spices increased by 23.51 percent to $23.75 million, while the export of oil seeds, nuts, and kernels experienced an astounding growth of 405.85 percent, reaching $185.99 million during the reviewed period.
Sugar exports recorded a substantial figure of 33,102 metric tonnes in the first quarter of the current fiscal year, a remarkable turnaround compared to no exports during the same period last year.
Source: [Profit.PakistanToday.com.pk](https://profit.pakistantoday.com.pk){:target=”_blank” rel=”nofollow”}
